U.S. Customs Brokers
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"In 2013 we selected LM Brokerage and Logistics, Inc. to handle brokerage and logistics services out of the port of Nogales AZ. I am completely satisfied in our decision. Throught the flawless implementation LM Brokerage has proven themselves as a true strategic partner bringing the highest level of customer service. Thank you LM Brokerage for stepping up to the challenge."
Bryan Hargreaves
Import Export Manager
Continental

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Reconciliation

The concept of Reconciliation allows an importer to revise certain elements of an entry summary that were indeterminable at the time the merchandise was entered into the U.S.

Reconciliation serves as the exclusive means for reconciling post summary adjustments to dutiable value, and HTSUS Heading 9802 value.

 

The Reconciliation Prototype allows importers to file their entry summaries using the best available information and electronically “flag” estimated elements, with the mutual understanding that Customs will receive the actual information at a later date.  Importers then provide the corrected information on a new type of entry called a Reconciliation Entry Type 09.

The process of “flagging” is performed by the importer’s customhouse broker via ABI (Automated Broker Interface).  ABI is the means by which the broker transmits electronically to Customs all the information required for clearance purposes.

 

Related exporters/importers usually do not have actual costs until an accounting period closes.  During the export/import period, invoices used to declare the goods to Customs are based on standard costs.  Actual costs are needed by Customs and these are presented to Customs at the end of a 6 or 12 month period.  This is where the Reconciliation process comes in place.  Please note that LM Brokerage and Logistics, Inc. recommend the 6 to 12 month period due to the complexity of obtaining all information required.  This is true when there are large quantities of entries that need to be reconciled.

 

There is no special form for requesting participation.  A standard letter from the importer (or power of attorney) with information such as importer number, descriptions of the specific issues and merchandise involved, ports of entry used, and so on. 

 

There are two basic eligibility criteria:

1. Participants must file the applicable underlying entry summary and Reconciliation Electronically via ABI.

2. Adequate bond coverage must exist for the Reconciliation.  Participants must have a rider and a continuous bond, which will be obligated on the underlying entries and used to cover the Reconciliation.


LM Brokerage and Logistics, Inc. can assist you with these requirements in addition to:

1. Setting up your cost submission CF-247 declaration information.

2. Providing you with all reports that need to be included in your cost submission.

3. Assist you in the preparation of the cost submission.

4. Electronic transmission to Customs of the Reconciliation Type 09 Entry.

5. Accompany you in meeting your import specialists to review all aspects of your import Operations.

 

The CF-247 Cost Submission is the required back up information that will be used to determine the adjustments from standard to actual costs.


Trade News


The FDA published two new documents to provide the import trade community with the most current Affirmation of Compliance (AofC) codes available for use with FDA regulated products.  More



Effective June 4, 2012, Customs and Border Protection Nogales Commercial Facility will no longer process in-bonds or other export documentation at the Mariposa south bound booth after 2:00 p.m.                          More






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